Man wins $66,200 roulette bet at Binion’s in downtown Las Vegas

Man wins $66,200 roulette bet at Binion's

I actually watched this. The player didn't whoop and holler when he saw that he had won, but instead turned and hugged his wife. Very classy.

Wow how cool but a little foolhardy.

He should have placed his bet on number 8


Rick

haha....really, what was he thinking?

Gambling income is taxable by 33% right?

The income is taxable at the taxpayer's marginal rate. In particular, if the man had an existing 2012 total net loss from gambling exceeding his win, that marginal rate would be 0.

Gambling losses are also DEDUCTIBLE at the taxpayer's marginal rate, unless total losses exceed total wins for the year.

Therefore, without more information, no one could possibly make a reasonable comment about the taxation of the win, nor about how taxation should have been considered when making the decision to wager.

I think the tax man will be waiting for his share based on the story stating he wanted to use the money for a down payment on a home. This makes me think it is unlikely that he currently itemizes deductions, which would be the only way to write off any losses up to the amount of his gambling winnings. The $66k win is likely to throw him in a higher tax bracket and could affect his tax situation in several ways and without itemizing he won't be able to write off any losses up to the $66k.

Any dunce can speculate about anyone else's taxes. The election to itemize is an annual election, which is made when filing the return; prior years' elections are irrelevant. In addition, many people who gamble regularly itemize just to claim their losses, irrespective of home ownership.

Whether the win increases his marginal tax rate is subject to multiple factors which are unknown to anyone expressing opinions here.

My God, treegirl in jest makes a statement of: "Gambling income is taxable by 33% right?" and mrmarcus goes H&R Blockhead on us.
Is arguing taxable?

He gets off on calling me a dunce...I'm sure he wacks it to just about anything though.
He has such limited social skills.
He also can't seem to make many posts without editing...it's that "rush to judgement" getting in the way.

Seems like an odd amount beyond just the enormity of it. Why $66,200 as oppossed to 60K ? Just curious if there was a reason behind it.